Coinomi is an extremely popular online mobile wallet that can be used with your Android phones and iPhones.
Before we proceed discussing Coinomi, you should know that as an online wallet it’s not the most secure means of storage. Online wallets like Coinomi are considered to be “hot wallets” because they’re connected to the internet always, which makes them susceptible to hackers.
As such, you should only use online wallets to store as many cryptocurrencies as you need for active trading purposes, and that too for a limited period. If you want a long-term high-quantity solution, you should look for hardware wallets.
Hardware wallets are the most secure forms of storage because they’re not connected to the internet and are completely decentralized. As such, no hacker can ever get to them. If you’d like to try out hardware wallets, you should check out Ledger Nano S and TREZOR.
Having said that, if you’re sure you want an online mobile wallet, you can read on to learn about Coinomi.
Coinomi is an online wallet that can be used to store any altcoins in the market. Furthermore, it comes with Android and iPhone apps, which can help you stay connected even on the move.
The following are some of Coinomi’s most prominent features:
- It supports all altcoins and cryptocurrency tokens.
- It encrypts all data and messages so that you have complete privacy. You don’t have to worry about tracking transactions, IP addresses, etc.
- You can convert and change altcoins within the app.
- You get access to a seed phrase with which you can restore access to the wallet in case it gets lost or stolen.
Coinomi is complete FREE to use and you can download the apps and start storing your altcoins today!
PART 1: Coinomi Security
The private key is always kept in the device you’ve installed the app into. They use the highest standards of cryptography to ensure that all the user’s data is safe and that you have complete control over it. Furthermore, the wallet is further encrypted with a master password. This ensures that even if hackers and malware try to invade the system, they won’t get far.
Furthermore, if you’re concerned about the security of identity, rest assured that Coinomi is completely discreet and offers privacy. Your transactions are never tracked, your messages are encrypted, and no connection will ever be made between your online transactions and your real-life personality. Furthermore, while making transactions your IP is hidden so no one can ever know how you spend or obtain funds.
The only real concern with Coinomi is that it isn’t an open source platform. As such, you can never check and inspect the coding to make sure there’s no malicious code in it. Most online wallets provide this transparency with an open source platform, so this makes it slightly suspect.
PART 2: How do I add Currency to Coinomi?
The process of setting up the wallet and adding currency to Coinomi is very easy.
- After accessing the app, click on “Create a New Wallet.”
- You’ll get a seed phrase. This is a 12 to 24-word long phrase that you should write down and keep safely. You can use this phrase to restore your information and data if you ever lose your wallet.
- Set up your password, the one you can use to log into your account.
- Now, you’ll have to select the currencies that you want to display in your profile. You can change this anytime you want.
Once you’ve set up your account, you can start sending and receiving currencies. If you already have cryptocurrencies elsewhere that Coinomi supports, you can send them to your Coinomi wallet address. The best way to add currency to Coinomi is to have someone send Bitcoins to your address.
In the video below, you can check out how to set up Coinomi:
PART 3: How do I make payments with Coinomi?
Making payments from Coinomi is simple. Choose a currency that you would like to pay from. You’ll find them in a list, enter the wallet address of the recipient, and click on ‘Send.’
Furthermore, you can also make cross-chain payments. As such, you can make payment using any of your currencies and send it directly to your recipient’s wallet without any currency conversions.
PART 4: Is Coinomi Reliable?
Despite being a closed source app, Coinomi is completely reliable and it has the trust of all of its users. According to several posts on Reddit and other sources, there are hundreds of thousands of satisfied users. Despite having been around since 2014, they haven’t yet suffered a hack or breach either. Furthermore, they also have a very reliable and active support system.
PART 5: Comparison and Alternatives
Now that you know all about Coinomi, you need to figure out whether this is the right wallet for you. If you’re looking for flexibility and the ability to hold transactions on the go, then you should stick to online wallets. However, if you’re looking for long term storage, you should check out hardware wallets such as Ledger Nano S and TREZOR.
In the table below, you can compare the major aspects of the best bitcoin wallets in the market. This will help you decide which wallet to use.
|Wallet||Review||Type||Security||Ease of Use||Check Website|
|Ledger Nano S||Ledger Nano S Review||Hardware Wallet||Great||Difficult||Check|
|Trezor||Trezor Review||Hardware Wallet||Great||Average||Check|
|KeepKey||KeepKey Review||Hardware Wallet||Okay||Easy||Check|
|blockchain.info||Blockchain.info Review||Online Wallet||Okay||Okay||Check|
|Coinomi||Coinomi Review||Online Wallet||Good||Easy||Check|
|Xapo||Xapo Review||Online Wallet||Good||Average||Check|
|Exodus||Exodus Review||Online Wallet||Okay||Easy||Check|
|Jaxx||Jaxx Review||Online Wallet||Good||Average||Check|
If I lose my phone, will all my coins also be lost?
Phones tend to get lost or stolen very easily. However, no one will be able to access your funds without your password. Furthermore, you can simply get another phone, install the app into it, and restore access to your wallet using your recovery seed.
What coins and tokens are allowed for exchange?
Coinomi currently trades in 278 cryptocurrencies. As such, pretty much all cryptocurrencies in the market are supported. Altcoins and ether tokens are also actively accepted.
Is there any sort of registration process with Coinomi?
The registration process is the same as setting up your wallet, as described earlier. Download the app, go to “Create New Wallet”, view the seed phrase, and create the password!
Coinomi Review Conclusion
Coinomi is a great online mobile wallet, and it allows you to conduct transactions and trade in all cryptocurrencies directly from your cell phone. It’s also highly secure. However, the only hiccup is that it’s not an open source app, and as such some people may have trouble trusting it.
If you do use Coinomi, do let us know about your experience with it down in the comments.
Coinomi is an almost ideal online mobile wallet that can be accessed easily from any cell phone with an internet connection. However, it’s not very transparent and isn’t open source.
- Wide range of cryptocurrencies can be stored.
- Easy user interface.
- Great security features.
- Altcoins can be converted easily.
- Not open source.